Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange (NYSE) on July 30, 2025 in New York City.
Spencer Platt | Getty Images
Stocks rose but were off of their session highs on Thursday following solid earnings reports from tech giants Microsoft and Meta Platforms that failed to materialize into a broader rally. Traders also looked ahead to a key trade deadline.
The S&P 500 just 0.1% higher, while the Nasdaq Composite advanced 0.5%. Both benchmarks hit record highs at the open. The Dow Jones Industrial Average lost 104 points, or 0.2%.
“Magnificent Seven” titans Microsoft and Meta respectively rose 6% and 11.5% on the back of better-than-expected quarterly earnings. Software giant Microsoft said that annual revenue from its cloud computing service Azure exceeded $75 billion. Meta issued an upbeat third-quarter sales outlook, surpassing the Street’s estimates. Microsoft’s strong earnings print propelled the company to a $4 trillion market capitalization.
Fellow Mag-7 names Apple and Amazon are slated to report earnings after the bell Thursday.
The continued rise of tech stocks failed to boost the broader market on Thursday, with six of the 11 S&P 500 sectors in the red. Federal Reserve Chair Jerome Powell’s comments on Wednesday, which indicated that the Fed is in no rush to cut rates in September, alongside lingering tariff worry, weighed on sectors outside of tech.
“These market reactions—despite strong earnings, capex, and buyback activity —are becoming increasingly difficult to justify,” said Joseph Cusick, senior vice president and portfolio manager at Calamos Investments. “At the same time, downside moves have been relatively contained.”
Elsewhere, U.S. Treasury Secretary Scott Bessent on Thursday said negotiations with China are at a point where both sides ” have the makings of a deal.” Bessent did not give any details on a potential deal, however, nor did he indicate when such an agreement could be made. The U.S. and China have until Aug. 12 before the truce over aggressive tariffs runs out.
His comments come ahead of a key Aug. 1 trade deadline.
To be sure, President Donald Trump poured some cold water on the market when he announced that a 25% duty on Mexican imports would be extended for another 90 days.
Thursday marks the last day of what has been a strong month on Wall Street. The S&P 500 has gained more than 3% in July, while the Nasdaq is up about 5%. The 30-stock Dow has climbed 1%.
